11:50 AM EDT, 06/06/2024 (MT Newswires) -- Martinrea International ( MRETF ) said Thursday it plans to invest nearly $35 million to expand its facility in Ridgetown, Ontario with a new addition to house a new SIMPAC 3000 metric ton stamping press, a project is expected to be completed early 2025.

The auto-parts manufacturer said the press will allow larger and more complex parts to be produced for customers, including body-in-white components, battery enclosures and chassis parts. This initiative is part of Martinrea's ( MRETF ) strategy to expand its presence and capabilities in the North American market, addressing the increasing demand for lightweight, high-strength metal solutions in the automotive industry.

"It further expands our capabilities as a global supplier in Canada and prepares us for future growth opportunities," chief executive Pat D'Eramo said in a release.

The Ridgetown plant, which was established in 1987 and acquired by Martinrea ( MRETF ) in 2006, employs 150 people and produces several metal stampings and welded assemblies for the automotive industry. The plant is one of Martinrea's ( MRETF ) 56 locations across 10 countries.

The company's shares wee last seen down $0.13 to $12.06 on the Toronto Stock Exchange.

Price: 12.06, Change: -0.13, Percent Change: -1.07